SELLO: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
SELLO
Largest movements
- Receivables within one year -€41,883
down €41,883 (-65.6%), from €63,879 to €21,996
of which Trade receivables: -€43,481
- Tangible fixed assets +€3,369
up €3,369 (+15.0%), from €22,525 to €25,894
of which Plant, machinery and equipment: +€3,619
- Cash +€3,091
up €3,091 (+14.8%), from €20,902 to €23,993
mainly Receivables within one year (+€41,883) and Depreciation (+€7,933)
- Intangible fixed assets -€2,000
down €2,000 (-37.5%), from €5,333 to €3,333
- Trade debts -€16,970
down €16,970 (-61.2%), from €27,739 to €10,769
- Debts after one year -€12,489
down €12,489 (-82.0%), from €15,235 to €2,746
of which Financial debts: -€12,489
- Tax, wage and social debts -€9,444
down €9,444 (-28.7%), from €32,923 to €23,480
of which Taxes: -€9,444
- Profit (loss) carried forward +€6,093
up €6,093 (+6.7%), from €91,500 to €97,593
- Current portion of long-term debt -€4,860
down €4,860 (-28.1%), from €17,286 to €12,426
- Gross operating margin -€37,508
down €37,508 (-59.0%), from €63,548 to €26,040
- Taxes -€12,766
down €12,766 (-78.0%), from €16,372 to €3,606
- Financial charges +€3,109
up €3,109 (+72.9%), from €4,264 to €7,373
- Other operating charges -€2,009
down €2,009 (-58.3%), from €3,448 to €1,439
- Depreciation +€1,316
up €1,316 (+19.9%), from €6,617 to €7,933
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €190,683 | €154,278 | -€36,405 | -19.1% |
| Fixed assets | 21/28 | €104,902 | €106,271 | +€1,369 | +1.3% |
| Intangible fixed assets | 21 | €5,333 | €3,333 | -€2,000 | -37.5% |
| Tangible fixed assets | 22/27 | €22,525 | €25,894 | +€3,369 | +15.0% |
| Plant, machinery and equipment | 23 | €4,444 | €8,063 | +€3,619 | +81.4% |
| Furniture and vehicles | 24 | €3,721 | €3,530 | -€191 | -5.1% |
| Other tangible fixed assets | 26 | €14,360 | €14,301 | -€59 | -0.4% |
| Financial fixed assets | 28 | €77,044 | €77,044 | -€0 | 0.0% |
| Current assets | 29/58 | €85,781 | €48,007 | -€37,774 | -44.0% |
| Stocks and contracts in progress | 3 | €1,000 | €1,803 | +€803 | +80.3% |
| Stocks | 30/36 | €1,000 | €1,803 | +€803 | +80.3% |
| Amounts receivable within one year | 40/41 | €63,879 | €21,996 | -€41,883 | -65.6% |
| Trade receivables | 40 | €56,613 | €13,132 | -€43,481 | -76.8% |
| Other amounts receivable | 41 | €7,266 | €8,864 | +€1,598 | +22.0% |
| Cash at bank and in hand | 54/58 | €20,902 | €23,993 | +€3,091 | +14.8% |
| Deferred charges and accrued income | 490/1 | - | €215 | +€215 | |
| Total equity and liabilities | 10/49 | €190,683 | €154,278 | -€36,405 | -19.1% |
| Equity | 10/15 | €97,500 | €103,593 | +€6,093 | +6.2% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €91,500 | €97,593 | +€6,093 | +6.7% |
| Amounts payable | 17/49 | €93,183 | €50,684 | -€42,499 | -45.6% |
| Amounts payable after more than one year | 17 | €15,235 | €2,746 | -€12,489 | -82.0% |
| Financial debts | 170/4 | €15,235 | €2,746 | -€12,489 | -82.0% |
| Other amounts payable | 178/9 | - | €0 | = | |
| Amounts payable within one year | 42/48 | €77,948 | €46,674 | -€31,274 | -40.1% |
| Current portion of amounts payable after more than one year | 42 | €17,286 | €12,426 | -€4,860 | -28.1% |
| Financial debts | 43 | - | €0 | = | |
| Credit institutions | 430/8 | - | €0 | = | |
| Trade debts | 44 | €27,739 | €10,769 | -€16,970 | -61.2% |
| Suppliers | 440/4 | €27,739 | €10,769 | -€16,970 | -61.2% |
| Taxes, remuneration and social security | 45 | €32,923 | €23,480 | -€9,444 | -28.7% |
| Taxes | 450/3 | €32,923 | €23,480 | -€9,444 | -28.7% |
| Remuneration and social security | 454/9 | - | €0 | = | |
| Accrued charges and deferred income | 492/3 | - | €1,264 | +€1,264 | |
| Turnover | 70 | - | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €0 | = | |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,617 | €7,933 | +€1,316 | +19.9% |
| Other operating charges | 640/8 | €3,448 | €1,439 | -€2,009 | -58.3% |
| Gross operating margin | 9900 | €63,548 | €26,040 | -€37,508 | -59.0% |
| Operating profit (loss) | 9901 | €53,483 | €16,669 | -€36,814 | -68.8% |
| Financial income | 75/76B | €329 | €404 | +€75 | +22.7% |
| Recurring financial income | 75 | €329 | €404 | +€75 | +22.7% |
| Financial charges | 65/66B | €4,264 | €7,373 | +€3,109 | +72.9% |
| Recurring financial charges | 65 | €4,264 | €7,373 | +€3,109 | +72.9% |
| Profit (loss) for the period before taxes | 9903 | €49,548 | €9,700 | -€39,848 | -80.4% |
| Income taxes | 67/77 | €16,372 | €3,606 | -€12,766 | -78.0% |
| Profit (loss) for the period | 9904 | €33,176 | €6,093 | -€27,083 | -81.6% |
| Profit (loss) for the period to be appropriated | 9905 | €33,176 | €6,093 | -€27,083 | -81.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.